Dovalue — Earnings Release 2017

Nov 10, 2017

Financial results to 30 September 2017

November 10th2017

doBank team presenting today

Andrea MangoniGroup CEO

Fabio Balbinot

Chief Financial Officer

Manuela FranchiHead of IR, Finance, M&A

• General Manager of Fincantieri in 2015
• From 2013 to 2015 Chairman and CEO of Sorgenia
• CFO, General Manager of International Operations of Telecom Italia and Chairman of Telecom Italia Sparkle from 2009 to 2013
• Previously CEO of ACEA
• CEO of Italfondiario from 2011 to 2016 and General Manager since 2010
• Senior Vice President Fortress Group from 2005 to 2017

• Finance and Acquisition at Pirelli RE (Prelios) from 2001 to 2004

• Joined doBank in August 2016

• Investment Banking Italian Coverage team at Bank of America Merrill Lynch from 2007 to 2016, Managing Director 2012 - ²⁰¹⁶
• Investment Banking Telecommunication, Media & Technology team at Goldman Sachs from 2000 to 2007

Summary

F i i l R l t n a n c a e s s u 9 9 6 M 1 7 M 1 s v	1 G C l l i € 2 b 9 2 0 € 0 b 9 2 0 6 ( 8 % ) t 1. M 1 7 1. M 1 1 + r o s s o e c o n s : n v s n G € 1 9 2 0 1 € 1 0 9 2 0 1 6 ( % ) R 4 5 M 7 4 M 4 + o s s e e nu e s m s m r v : v ( ) E B I T D A € 4 2 9 M 2 0 1 7 € 4 0 9 2 0 1 6 4 % E B I T D A i 2 9 % + : m s m m m a g n v r - ( ) N I € 2 7 9 M 2 0 1 7 € 2 3 9 2 0 1 6 1 6 % t + e n c o m e : m v s m m O i C h l i 9 3 % t F p e r a n g a s o w c o nv e r s o n :
M i Ev t a n e n s 3 Q 1 7	O d d l h b d d d l l F I N i M t S i S i t t i t i : s g n e a s e r a n p e c a e rv c e r c o n r a c w e m e e a n c a ry i t s e rv c e s a g r e e m e n S i i d b h S 2 / C S 2 / S 2 M t t i F i t t R M M A B M a s e r e rv c e r r a n g a s s g n e y c a
M i Ev t a n e n s 3 Q t 1 7 p o s	S d h f € 8 b f € 2 6 b f S ( 3 0 % ) M P t i t t i i M P a g r e e m e n : s g n e e r m -s e e o r s e rv c n g n o n o ~ f l h b d d i i i i 1 Q 1 8 t t t p o r o o w o n o a r n g e x p e c e n C i i l / l i d € 3 0 t t A t t I I I t R Fu i t t t o- nv e s m e n n a n e a a n e c o v e ry n : m c o m m m e n o l l h d f i t i A t t I I i i i t t t t t i i t i t t i N P L nv e s n a n e n n e w s a e s r a e g y o m n o r y nv e s m e n n h i iz i t t t s e c u r a o n r a n c e s d i i l h C d d l d l J M t t i t U i i t t j i i i t u c a a n a g e m e n : a g r e e m e n w n r e o e p o y u c a s e rv c e s o f l f d f i U i C i F I N O t t t t p o r o o o r n r e n o p a r o
th 1. Gr ow	f 1 8% llec of lfo nd lte ely if g olle f It alf dia lud ed rat et tio Ita iar io in 9M 20 16 tiv 12 % cti rio in 9M 16 e i + e o as su me s n co ns , a rna ros s c on s o on ar nc

9M17 results

• Collections in 9M17 are up 18%¹ from 9M16 assuming net collections of Italfondiario in 9M2016 (alternatively +12% if gross collections of Italfondiario in 9M16 are included). The positive trend is continuing in Q4
• Gross revenues are up 4%, impacted by indemnities from portfolio sales and base/collection fee mix
• The benefits of the company's 2016 initiatives on 9M17 are evident on the net results

Servicing agreement in MPS securitization

• MPS securitization is one of the largest transactions in the NPLs sector in Europe with a size of €26bn
• doBank manages as Special Servicer the largest portfolio by ultimate servicer, €8bn that is approximately 30% of the total Gross Book Value of the transaction
• doBank will expect returns more than proportional to the GBV allocated on the total portfolio due to fee structure
• Thanks to the participation in the MPS transaction, doBank will achieve a significant acceleration of its industrial plan compared to the current year that had already seen new GBV inflows in 1H2017 for €3.6bn

Thanks to its size and its scalable platform, doBank can support other inflows with limited cost increase

Servicing Pipeline

• ^~€120bn of NPLs expected to be sold/outsourced by banks over 2017-2019¹
• In reality, most deals in pipeline will close by end of ²⁰¹⁷ so pipeline is accelerating but later than expected for 2017. €80 billion of targeted sales already announced
• ECB requiring largest banks to adhere to pre-specified NPL disposition plans and servicing guidelines
• Introduction of IFRS9 from 1/1/2018 and ECB Calendar Provisioning proposal will focus banks on further NPL/UTP provisioning benefitting of first time adoption, further sale/collection acceleration

Plans Announced by Banks to reduce NPLs in 17-18

Italian NPLs Changing Hands¹

	Po rtf BV ( oli o G €b n)	Pla n	rtf oli Po o Ty pe	tio lan Ac n P	( € bn )
	17 .7	Se riti tio n & S ale cu za	Sto ck	jec O - C los d Pro t F IN e
	3.0	Po rtf oli o S ale	Sto ck	€ 1.8 bn d - € 1.2 bn to an no un ce co me
	26 .1	Sa le of rtf oli nd Po o a Pla tfo rm	Sto ck & Fl ow	Flo d p lat for ld Sir to io JV w an m so ( Qu sti o/ Ce d) . S k s old toc to ae rve At lan II wit h G AC S f ina ing te nc
	9.6	Se riti tio n & S ale cu za	Sto ck	Ma d a d i rim by In nte tes na ge a. Tr sfe o S GA in 20 18 . P nti all r t ote an y oth rvi be in lve d to er se ce rs vo
	10 .0	& le Ma nt Sa na ge me	ck Sto	ld, 1b o b old by €3 00 € n t Y E1 7, m so e s €6 bn be llo ted 20 to rvi cin in 17 a ca se g for (po 20 : G AC S) 1 st 17 ye ar
	8.0	le Pla Sa n 2 01 7- 20 19	ck Sto	€2 .5b los ed ( €2 bn all lo s). n c sm an .5b nd by €5 GA CS Ju 20 18 n u er ne
	3.9	Sa le Pla n 2 01 7- 20 19	Sto ck	€2 .5 clo d se
	2.9	Sa le	Sto ck	Be nic e P roj clo in 20 17 t, to re ec se
	2.8	le of rtf oli nd Sa Po o a Pla tfo rm	ck Fl Sto & ow	be let ed by d Pro to ce ss co mp ye ar en 20 17
	3.0	Sa le Pla n 2 01 7- 20 19	Sto ck	€1 bn B d i S de a i n 1 h2 01 8 an co ar gn
he Ot rs	7.0	rtf oli o S ale Po	Sto ck	Ot he r A t nn ou nc em en
l To ta	94 .0

66112134 ¹³³191 ^{148 125 122} 145175^{200 200} 2016A 2017E 2018E 2019E Owned by Banks

Owned by Investors

1. Source: PWC Report: The Italian NPL Servicing Market, as of May ²⁰¹⁷

Strategic pillars

3)

3

1

2

• 1)Add more servicing
• 2)Increase collections and efficiency
• Grow ancillary services business

Key financial highlights

€ m			9 M 1 2 0 1 6	9 M 2 0 1 7	% ∆ ( )
e s u r n e	H ic d ug e se rv e fo l io t p or	G B V Eo P	8 2 b n	7 9 b n	( 4 2 % )	Co l lec io i f fs d le f t te ns wr -o an sa o , fo l ios by l ie ia l ly f fs by t ts t t p or c n p ar o e in f low fro d is ing l ie t ts s m n ew a n ex c n
e v v i r e d R	in la Be t- s -c ss l le io t co c ns	l le io Co t c ns	1. 0 b n	1. 2 b n	1 8 % +	fo Im ing in 2 0 1 6 p ro v p er rm an ce f d ( ) irm in 9 M 1 7 1 8 % 9 M 1 6 + co n e v s de f bo d i te ig i ica t F I N O ing sp s n n on ar d low t iv i t ies G B V ac a n er a ve ra g e
L	is i b le ba V ev en ue se r	G ro ss re ve nu es	1 4 0	1 4 5	4 % +	~8 8 % f s ic ing la d te to o er v re ve nu e re lo ic ing te ts ng rm s er v a g re em en l lar d An i ice -in tm ts c y se rv s an co ve s en f fe fo h ing t o r ro om r g ro w
& e r P u t e c l p u r m t	O in le t p er a g ve ra g e	O in t p er a g ts co s	8 8	9 2	5 % +	F ixe d H R l 9 3 % f l H R ts to to ta co s e q ua o ts co s f f ha ks I T & S G & A t e ic ie ies ing t co s nc c om n d to 2 0 1 6 9 M 1 7 inv tm ts an es en
s i S	Pr f i b i l i ta ty ov en p ro	E B I T D A	4 0	4 2	4 % +	Ex d ina fro I T in 9 M 1 7 fo tra ts or ry c os m r € 5m l f c l lec f lec d Se i ty t io te as on a o o ns re on E B I T D A
n o i t h a s	L im i d te ca p ex	Ca h s io co nv er s n	3 7	3 9	5 % +	f f d he S ig i ica t p t io I T t n n or n o an o r d inv tm ts t inc es en e xp en se a om e ta te t s m en
r a e C n e g	f i fr Be ts ta ne om x ts as se	Ta x A ts ss e	1 4 3	9 8	( 3 1 % )	Ta fu l ly f f-s b le ins d ire ts t ta t t as se o e ag a x c d in d ire t ta an xe c s

Focus on GBV evolution

• GBV decreasing from €80.9bn to €78.9bn in 9M17, mainly driven by significant trend of collections and net write-off as well as portfolios sales by Clients
• Considering the new inflows already committed with Atlante II (BMPS portfolio), the GBV will increase at €86.8bn

Portfolio diversification

Seasonality of collections across quarters

• seasonality effect, partly as a result of concentration upon year-end of (i) Italian courts' activity (ii) internal and external networks' reward mechanisms
• Significant improvement in annual collection rate (2.4% on LTM 9M17 vs 2.1% on 2016)

• Deceleration on collections in 3Q17 due to FINO on-boarding

• Collections for 2014 and 2015 based on Italfondiario only 2. Italfondiario collections for 2014-15-16 are accounted for net cash flow consistent with their historical reporting 3. 9M2017 calculated as last quarter 2016 + 9M2017

Ancillary and other services (inc. co-investment)

in Bu s es s ar ea	Ke Fa ts y c	in ia l l F Re ts an c su
	los d h fro C tra t i t F I N O ta t ing 4 Q 1 7 e co n c w s r m	Re in €m ve nu es 11 .6 11 .5
	los d h fro C i F I N O ing 4 Q 1 7 tra t w t ta t e co n c s m r S ig i f ica ly h ig he l e io in he t ta te t t n n r r ea s a uc ns ke ( 2) h h d 3 1 % 2 0 1 7 E 2 0 1 5 A ic ine t ta + m ar vs su s w io fa i l i io t ta t au c n c n re ve nu es
J d i i l u c a M t a n a g e m e n	S in 1 H 1 7 ta t- r up los d h ly d C tra t w i t F I N O in Ju 2 0 1 7 e co n c an f ina l ize d i h Un i Cr d i in Oc be t w t t to ag re em en e r 2 0 1 7 No in 3 Q 2 0 1 7 d te re ve nu es e re p or ar	1 9M 20 16 9M 20 17 f /w €2 o m o ~ ls tio ex ce p na
O h t e r	Se i iza io iv i ies fro du d i l ig d t t t t cu r n ac m e en ce a n bu lan ine ing s ss p n In d fro h ip i h j tn t cr ea se re ve nu es m p ar er s w a m a or l k l t I ta ia Ba ie t cu rre n n n c n Co -in la d € 6. 1m tm t r te to ve s en ev en ue re lan inv tm t. € 3 0m A t te I I c i tm t to es en om m en s p ur d d i io l s ic ing t tra ts a na er v c on c	8 4. 2. 7 2 1 3Q 20 16 3Q 20 17

From gross to net revenues

14

Focus on operating expenses

Notes: 1. 2016 RE related services costs included in SG&A as part of the broader UBIS contract while they are allocated to RE expenses in 9M17 and for consistency in 9M16 2. Based on total opex gross of expense recoveries. 3. 9M2016 aggregated doBank+Italfondiario

NWC and net financial position

Regulatory capital

If completed, Atlante II investment would decrease CET1 ratio to 22% pro-forma 9M17

Excess capital to support business growth and remunerate investors

What's next?

i i i M t a n a n n g l d h i e a e r s p i i i t p o s o n n S i i e c n g rv	in fo im hr h da d d l f Co iza io im i ica io t t t ta t t n ue p er rm an ce p ro ve m en ou g s n r n an s p n d le in he fa b le le is la iv ls N P Ls l l a I F R S 9 t t t an ve ra g g on r ec en vo ra g e p ro p os a on a s w e s in du io tr t o c n l l v lu io fro lo i h ks ly in la d Fu tr t -t tr ts t Ba t a e ex ac n m ng er m c on ac w n c ur re n p ce a n la h h la l ( la / l d, t io ip i t t in to in I ta ia N P Ls A t te I I I ta ia Re Fu re ns rg es ve s rs n n n co ve n w ry ) Fo tr es s r bu in de lo le lso he in i S tr t in t tm t tu ty on g s es s ve p m en ve ra g g a o n c o– ve s en op p or n da d d f in ic in in iv i ica io to te t g a s er v g m an s an cr ea se r ev en ue er s n
f D l t e e o p m e n o v i l l A n c a ry i s e rv c e s f f i o e r n g	l l s ice i fo ho l de f fo l io Fu te N P L t er v s su r rs o p or s Se ice de lo fo iv l ie in in io t t ts tr t te rv s ve p m en r c ap e c n cr ea s g p en e a n ra Co ia l e f fo fo iv in ba k in d he t t to t to m m er c r r no n- ca p e cu s m er s n g an o r s ec rs
f I t m p o e m e n o r v i l t o p e r a o n a f f i i e c e n c y	l lo fu he im f G f f ic ie I T in t t ex p en se s a g p ro ve m en o ro up e nc y w r r lo iv le fr h ig he lu br h he la fo Ex i t o t t in to t t p p er a e ve ra g e om r v o m es ou g p rm do So lu ho d d ie t io to te t iu te t ns c re a s an m e m rm c os sy ne rg s r

Consolidated Income statement 9M2016 – 9M2017

Co nd d ol id ed in t ( €/ 00 0) at st at en se co ns co m e em en		Fi t n in th rs e m on s		Ch an ge
	20 17	⁽¹⁾ 20 16	Am nt ou	%
Se ici rv ng re ve nu es	13 3, 60 5	12 8, 72 4	4, 88 1	4%
/w ks B o an	86 11 4, 7	11 7, 33 5	( 8) 2, 46	-2 %
/w In sto o ve rs	18 73 8 ,	11 38 9 ,	7, 34 9	65 %
Co -in stm t r ve en ev en ue s	41 8	23	39 5	n.s
cil lar nd he An ot y a r r ev en ue s	11 22 3 ,	11 48 5 ,	( 2) 26	-2 %
Gr s R os ev en ue s	14 24 6 5,	14 0, 23 2	01 5, 4	4%
Ou cin fee tso ur g s	( 11 39 4) ,	( 12 63 2) ,	1, 23 8	-1 0%
Ne t r ev en ue s	85 13 3, 2	12 7, 60 0	6, 25 2	5%
St aff ex pe ns es	( 58 98 5) ,	( 57 24 7) ,	( 1, 73 8)	3%
Ad mi nis tra tiv e e xp en se s	( 6) 33 16 ,	( 6) 30 28 ,	( 0) 2, 88	10 %
Op in at er g ex pe ns es	( 92 1) 15 ,	( 87 53 3) ,	( 61 8) 4,	5%
EB IT DA	41 70 1 ,	40 06 7 ,	1, 63 4	4%
EB IT DA M in ar g	29 %	29 %	0%	0%
t/ ba ck lan d Im irm W rit rty t, uip nt pa en e- s o n p ro pe , p eq me an ibl int ets an g e a ss	( 1, 61 8)	( 1, 28 5)	( 33 3)	26 %
s f ks nd ch Ne t P isi ris rov on or a ar ge s	( 9) 1, 18	( 7) 1, 30	11 8	-9 %
do f lo Ne t W rit e- wn s o an s	21 0	( 19 )	22 9	n.s
Ne t i e ( los s) fro inv tm ts nc om se m es en	1, 90 1	20 5	1, 69 6	n.s
EB IT	41 00 5 ,	37 66 1 ,	3, 34 4	9%
Ne t f ina ial in d c mi ion te st nc re an om ss	( 14 5)	( 12 8)	( 17 )	13 %
EB T	40 86 0 ,	37 53 3 ,	3, 32 7	9%
x f th d In ta rio co me or e pe	( 13 6) 55 ,	( 33 9) 14 ,	78 3	-5 %
ofi t ( los s) fro f a ld d h eld fo ale of Pr ets et tax m gr ou p o ss so an r s n	( 39 0)	-	( 39 0)	n.s
Ne t P fit ( Lo ) fo he io d r t ro ss p er	26 91 4 ,	23 19 4 ,	3, 72 0	16 %
Mi rit ies no	-	-	-	n.s
Ne t P fit ( Lo ) a ib ab le th Gr be fo P PA ttr ut to ro ss e ou p re	26 91 4 ,	23 19 4 ,	3, 72 0	16 %
eff of Ec ic "P ch e P ric e A llo tio n" ts on om ec ur as ca	-	-	-	n.s
od ll i Go wi air nt mp me	-	-	-	n.s
Ne t P fit ( Lo ) a ib ab le th Gr ttr ut to ro ss e ou p	26 91 4 ,	23 19 4 ,	3, 72 0	16 %

Consolidated Balance Sheet 2016PF – 9M2017

As 00 ts	09 30 20 17	12 / 31 / 20 16	Ch an ge
( €/ 0) se	/ /		Am nt ou	%
C h a nd sh uiv ale nts as ca eq	25	18	7	38 .9%
Av ail ab le- for le fin cia l a ts -sa an sse	7, 35 4	1, 04 7	6, 30 7	60 2.4 %
nd ble ith ba nk Lo iva an s a re ce s w s	31 2 11 ,	52 57 5 ,	( 21 46 3) ,	-40 .8%
Lo nd iva ble ith sto an s a re ce s w cu me rs	3, 17 2	10 82 0 ,	( 7, 64 8)	-70 .7%
Eq uit inv tm ts y es en	2, 01 5	1, 60 8	40 7	25 .3%
lan nd Pro rty t a uip nt pe , p eq me	1, 79 5	63 8	1, 15 7	18 1.3 %
Int ibl ts an g e a sse	2, 54 0	2, 07 9	46 1	22 .2%
of wh ich od wi ll go	-	-	-	n.s
Ta ts x a sse	98 24 4 ,	14 3, 03 0	( 78 6) 44 ,	-3 1.3 %
) Cu nt tax ts a rre as se	21 1	37 72 2 ,	( 37 1) 51 ,	-99 .4%
b ) De fer red ta ts x a sse	98 03 3 ,	10 5, 30 8	( 7, 27 5)	-6 .9%
of wh ich / t t o L 2 14 20 11 pu rsu an aw	55 40 6 ,	55 40 6 ,	-	0.0 %
he ld for le d d d o No n-C t a ts isc tin rat ion urr en sse sa an on ue pe s	10	2, 51 6	( 6) 2, 50	-99 .6%
Ot he ts r a sse	12 85 6 1,	10 3 11 4,	3 7, 75	6.8 %
To l a ta et ss s	26 8, 12 3	32 8, 43 4	( 60 31 1) ,	-1 8.4 %

			Ch an ge
Lia bil iti nd sh eh old s' uit ( €/ 00 0) es a ar er eq y	09 / 30 / 20 17	12 / 31 / 20 16	Am nt ou	%
s f ba nk De sit po rom s	93	13 07 6 ,	( 12 98 3) ,	ns
De sit s f sto po rom cu me rs	6, 91 7	11 06 0 ,	( 4, 14 3)	-37 .5%
Ta x l iab ilit ies	1, 26 1	21 9	1, 04 2	47 5.8 %
a) Cu lia bil itie nt tax rre s	24 2 1,	19 9	04 3 1,	52 % 4.1
b) De fer red x l iab ilit ies ta	19	20	( 1)	-5 .0%
Lia bil itie cia ith he ld for le d tes t a ts s a sso w no n-c urr en sse sa an	-	1, 73 8	( 1, 73 8)	-10 0.0 %
dis ed nti tio co nu op era ns he r li ab ilit Ot ies	41 49 4 ,	98 55 6 ,	( 2) 14 49 ,	-25 .9%
loy ina tio n i nd nit ies Em te p ee rm em	10 12 6 ,	10 24 0 ,	( 4) 11	.1% -1
Pro vis ion fo isk nd ch r r s a arg es	22 03 1 ,	25 37 1 ,	( 3, 34 0)	-13 .2%
a) nd lar ob lig Pe ion si mi ati ns s a on s	-	-	-	n.s
b) Ot he isio r p rov ns	22 03 1 ,	25 37 1 ,	( 3, 34 0)	-13 .2%
Va lua tio n r es erv es	12 8	25 6
Re se rve s	11 8, 15 6	11 7, 15 5	1, 00 1	0.9 %
Sh l ita are ca p	28 0 41 ,	28 0 41 ,	-	-
Tr sh (- ) ea su ry ar es	( 27 7)	( 27 7)	-	-
s ( +/ -) Min itie or	-	-
rof it ( los s) (+ /- ) Ne t p	26 91 4 ,	52 33 0 ,	( 25 6) 41 ,	-48 .6%
l li ab ilit ies nd sh eh old s' uit To ta a ar er eq y	26 8, 12 3	32 8, 43 4	( 1) 60 31 ,	-1 8.4 %

Tax assets

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